In a Panic Question........

[pamkev]

woke up in the middle of the night in a panic don't know if this will make a difference or not but I think it will. I realized that our house payment is a Heloc not a mortgage payment will this make a difference? Our home is used as collateral just like a mortgage. Will this throw us out of a chapter 7 into a 13? Will this cause the TT to look like we have equity in our home due to it not being a mortgage? We see our attorney next week to file and she is gone this week although gonna call first thing this am to see. Thanks for all your help

Pam

[keepmine]

The HELOC is a secured debt just like a mortgage and should have no bearing on the bk.

[pamkev]

Thank you keep mine makes me feel better. The next huddle in the way which might or might not be a issue is we got our country reassessment which hasn't been done since 1972 and they have our property listed as Residential apartments which it is not it used to be ages ago. I assumed my hubby took care of this when he bought the place it was his before we got married or were even together and he made it into one single home dwelling. We have a appointment with the tax people. I hope this isn't a issue with the TT we do have the MA from a realtor where she does have it listed as a single family unit.

Pam

[lorelei]

I have a HELOC too, but even with that I was still underwater (or at least *I* think I am, the trustee is making her own decision). In any case, that was never brought up by my attorney during the filing preparation. He didn't miss a beat with it, seemed to be a common-place scenario with him. This is nothing new.

[pamkev]

I have a HELOC too, but even with that I was still underwater (or at least *I* think I am, the trustee is making her own decision). In any case, that was never brought up by my attorney during the filing preparation. He didn't miss a beat with it, seemed to be a common-place scenario with him. This is nothing new.

Thank you I'm feeling much better now

[TheBajan]

Pam,
You'll be fine. I don't think the SEV listing it as apartments matter either. You can easily show that it's a single family dwelling and that it's your homestead. BTW.... it's nice to hear from you!